The electric commercial vehicle traction motor market is witnessing substantial growth, projected to rise from $1.27 billion in 2023 to $1.54 billion in 2024, with a CAGR of 21.9%. This surge is driven by government incentives and environmental awareness. By 2028, the market is expected to reach $3.42 billion, showing a CAGR of 22.0%. Key trends include advancements in electric vehicle technology and integration with power electronics.
Major Driver In The Electric Commercial Vehicle Traction Motor Market
The growing demand for electric heavy commercial vehicles is expected to drive the electric commercial vehicle traction motor market. Electric heavy commercial vehicles, including trucks and buses, are gaining traction due to their environmental benefits and cost efficiency. Traction motors are essential for powering these vehicles. The International Energy Agency reported in July 2023 that China sold 54,000 new electric buses and an estimated 52,000 electric medium- and heavy-duty trucks in 2022, up from 50,000 and 37,000 in 2021. The electric commercial vehicle traction motor market, valued at USD 5.6 billion in 2023, is expected to reach USD 8.4 billion by 2028, reflecting the rising demand for electric heavy commercial vehicles.
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Electric Commercial Vehicle Traction Motor Market Competitive Landscape
Robert Bosch GmbH, Hitachi Ltd., Siemens AG, Posco International, BYD CO.LTD, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Aisin Corporation, ASEA Brown Boveri ABB, Toshiba Group, Valeo SA, Nidec Corporation, Parker Hannifin Corporation, BorgWarner Inc., Dana Limited, American Axle & Manufacturing, Allison Transmission Inc., TECO Electric And Machinery Co., Zhongshan Broad-Ocean Motor Co. Ltd., Remy Group, MAHLE GmbH, Kollmorgen, Equipmake
Key Electric Commercial Vehicle Traction Motor Market Trend
In the electric commercial vehicle traction motor market, innovations include compact and lightweight traction motors designed for enhanced performance. Mahle GmbH introduced the SCT E-motor in July 2022, a compact unit featuring integrated oil cooling and high output-to-peak output ratios. This motor is suited for various applications, including electric passenger vehicles and commercial machinery, offering robust performance and efficiency.
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Electric Commercial Vehicle Traction Motor Market Segmentation
The electric commercial vehicle traction motor market covered in this report is segmented –
1) By Vehicle Type: Buses, Trucks, Vans
2) By Design: Axial Flux, Radial Flux
3) By Transmission: Single Speed Drive, Multi-Speed Drive
4) By Power Output: Less Than 100 kW, 100-200 kW, 200-400 kW, Above 400 kW
5) By Motor Type: Permanent Magnet Synchronous Motor (PMSM), Alternating Current (AC) Induction Motor, Direct Current (DC) Traction Motor
By Geography:The regions covered in the electric commercial vehicle traction motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the electric commercial vehicle traction motor market in 2023.
The Electric Commercial Vehicle Traction Motor Global Market Report 2024 furnishes information about the global electric commercial vehicle traction motor market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
